Research On The Relationship Between Ownership Structure And Performance Of Chinese A-share Environmental Protection

In recent years,the issue of ownership structure has become the focus of research on listed companies.Being an important factor that influences the performance of the company,it has long been highly valued by relevant researchers at home and abroad.With the adjustment of industrial structure,the deepening of supply-side reform and the support of national legal policies,the demand for environmental protection industry has shown a rapid growth trend in China,and there comes a new development opportunity for environmental protection industry.Therefore,there is great theoretical and practical need to do the research on the ownership structure and company performance of Chinese environmental protection listed companies.Based on this background,this paper attempts to use the empirical analysis method to describe the relationship between equity structure and corporate performance from a dynamic and endogenous perspective,in order to provide a new empirical basis for listed companies to explore the optimal shareholding structure and improve company performance.On the basis of reviewing relevant literatures at home and abroad,this paper defines the concept of equity structure and company performance,and theoretically analyzes the influence of equity structure on performance based on corporate governance theory,transaction cost theory and principal-agent theory.As for the empirical method,47A-share listed companies are selected as research objects starting from 2013 to 2017 and this paper carries out the descriptive statistical analysis of the development status,ownership structure and business performance of Chinese environmental listed companies to make a comparison.This paper uses principal component analysis to comprehensively measure the use of company performance and constructs the different empirical analysis model respectively from the perspectives of static exogenesis,static endogeneity and dynamic endogeneity and generalized method of moments(GMM)is used to estimate the model parameters and draw empirical conclusions.The conclusion shows that there is a “U” relationship between equity concentration and company performance and equity balance and company performance are mutually beneficial cyclical relationships.Also,there is a dynamic intertemporal impact between ownership structure and company performance.Based on the previous empirical conclusions,this paper proposes the following four countermeasures.Firstly,optimize the concentration of equity and maintain the appropriate shareholding ratio of shareholders.Secondly,strengthen the balance of equity and improve the efficiency of the company.Thirdly,improve the legal protection system and the law enforcement mechanism.Fourthly,solve the issue from a dynamic and endogenous perspective.